charlotte, nc

The Property

The Property encompassed a 200 acre mixed-use development from a Seller looking to monetize the land only. The property had an open IKEA store and over $30 million in infrastructure investment. In addition to a planned 180,000 square foot open air power center, Belgate was zoned for 800 multi-family units, two hotels and 250,000 square feet of additional retail and office.

The Results

A deal was structured with one of the nation’s largest REITs to joint venture on the acquisition and development.  Upon project completion, the scale of the project successfully shifted the retail center of gravity in Charlotte’s University Submarket from WT Harris Blvd to Belgate.  The REIT recapitalized the venture and continues to own the retail power center.